Abdullah Shafique

A few general requirements that qualify you for a CMHC Mortgage Insurance.

1.Maximum Purchase Price: The maximum purchase price of the property should be below 1 million dollars.

2.Minimum Downpayment: If the property value is under $500,000, then minimum downpayment is 5%.

If the property value is over $500,000, the downpayment is 5% of the first 500k, and then 10% on the remaining portion of the property value.

3.Source of Downpayment: Source of funds also plays a vital role. The funds should come either from your own resources or from an immediate relative as a gift. Note: Only acceptable for properties with maximum 4 units.

4.Location of Home: The property should be located in Canada. Properties outside Canada are not eligible.